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Peter Moyo’s lawyers not backing down despite Old Mutual winning court appeal

The court upheld Old Mutual's appeal against an earlier ruling by the High Court that he should be reinstated.

FILE: Old Mutual CEO Peter Moyo. Picture: YouTube screengrab.

JOHANNESBURG - Despite a High Court in Johannesburg ruling in the matter between Peter Moyo and Old Mutual, the former CEO's lawyers are adamant they'll stop the insurance giant from replacing him.

The court upheld Old Mutual's appeal against an earlier ruling by the High Court that he should be reinstated.

Last year, Moyo was suspended - and then fired by the insurer - over what it said was a conflict of interest involving his company NMT Capital.

Old Mutual's Tabby Tsengiwe said Tuesday's ruling allowed the insurer to appoint a new permanent CEO.

“The ruling sets aside the interim order and the board is now free to search for a permanent CEO.”

But Moyo's lawyer Eric Mabuza said that was not the case.

“Once we inform them of our appeal, they are not entitled to do that.”

Mabuza said they would be notifying Old Mutual of their intention to apply for leave to appeal and have the matter heard in the Supreme Court of Appeal.